BB opens research cell to combat money laundering

[fallstuff]

BB opens research cell to combat money laundering​

Bangladesh Bank has formed a research cell to look into the effectiveness of the country's anti-money laundering mechanisms and ways to recover illicit funds, bdnews24.com reports.

The nine-strong cell will work under the auspices of the Bangladesh Financial Intelligence Unit (BFIU), the anti-money laundering watchdog.

Abdur Rouf Talukder, governor of the central bank, greenlighted the cell's operation on Dec 5 with special instructions.

“Research was already being conducted by a certain department. Now, a dedicated cell will do research on preventing money laundering. They will review the experience that countries around the world have had in their efforts to bring back laundered money," said Masud Biswas, head of the BFIU.
The research cell will be headed by an additional director, according to the central bank.
Although the BFIU is responsible for preventing money laundering, the organisation does not disclose the official data on the amount of money siphoned abroad every year. Instead, the media have to rely on data disseminated by foreign outlets and organisations to gauge the extent of the illegal activity.
A steep rise in import bills triggered by the prolonged war in Ukraine has strained the country's foreign exchange reserves.
Noting that most of the money was being laundered under the guise of foreign trade, BFIU chief Masud said import costs had jumped 20-200 percent when the annual report for the 2020-21 fiscal year was published in October.
Governor Talukder also flagged the discrepancies in the prices of goods found while analysing the data on letters of credit for imports and exports completed before July. While some traders provided inflated figures for imports, others did the opposite.
The rest of the money was funnelled through hundis, an illegal channel for making cross-border transactions, according to Talukder.

undefined | The Financial Express

thefinancialexpress.com.bd

 

[bluesky]

BB should study the borrowing systems in Japan and other countries. Applications for above certain amount of all borrongs go to a single designated Banking Institution in the area.

No new loan is approved without the direct permission from this Bank Cell. And this is how overborrowings are stopped at the first instance.

However, our inept people will now set up Research Centers for what I do not know. Bloody Faltu idea thought by our inept people.

Bloody peasants!!! Even @BananaRepublicUK knows better than these peasant bank officials.

 

[BananaRepublicUK]

BB should study the borrowing systems in Japan and other countries. Applications for above certain amount of all borrongs go to a single designated Banking Institution in the area.

No new loan is approved without the direct permission from this Bank Cell. And this is how overborrowings are stopped at the first instance.

However, our inept people will now set up Research Centers for what I do not know. Bloody Faltu idea thought by our inept people.

Bloody peasants!!! Even @BananaRepublicUK knows better than these peasant bank officials.

Japan!

Where government debt needs super computer to calculate

Where state banks lend money to bloated and unprofitable outfits.

E.g. bought British ARM for an astronomical price. Never made any business sense. Bought “We Work” another hilarious business venture.

How about western banks?

Gambled with peoples’ money buying dodgy housing bonds - government had to “print trillions” to bail them out.

Mistri bhai, Bangladeshi banks have never needed the sort of bailouts that US/U.K banks have needed in the last decade.

Fu*king western banks caused a global financial crash!

Stop worshipping the western system!!!!

@UKBengali
@EasyNow

Given how the Bank of England has screwed up the British banking system - maybe BB should be advising these corrupt incompetent bastards!!!

 

[BananaRepublicUK]

You m”therfucker is such a stupid fellow that it boils my blood. You have no level to discuss anything in a civilized forum.

Why do not you just get lost?

You are just looking for someone to validate your rote learnt nonsense!

I am not that person!

I was taught to argue with empirical evidence!

I gave you a dose of that!

Western banking regulators are the worst. They are utterly corrupt and caused a global financial crash!

London is the money laundering capital of the world!!!

Truth hurts!!!

@UKBengali
@EasyNow

 

[bluesky]

You are just looking for someone to validate your rote learnt nonsense!

I am not that person!

I was taught to argue with empirical evidence!

I gave you a dose of that!

Western banking regulators are the worst. They are utterly corrupt and caused a global financial crash!

London is the money laundering capital of the world!!!

Truth hurts!!!

@UKBengali
@EasyNow

People Illiterate and uneducated of important subjects should refrain from indulging in subjects beyond their brain power.

 

[BananaRepublicUK]

People Illiterate and uneducated of important subjects should refrain from indulging in subjects beyond their brain power.

Is that your rebuttal

Debate Dhakaya style?

 

[fallstuff]

Does not take a genius to find out what should be the import bill and what is being sent out as import bill.
Pretty sad state of affairs.

 

[BananaRepublicUK]

Does not take genius to find out what should be the import bill and what is being sent out as import bill.
Pretty sad state of affairs.

@UKBengali look at the above nonsense.

Hasn’t anyone told him how Amazon, Google, star bucks avoid tax in the U.K.?

Genius!

They get their Irish subsidiary to buy something for £1. Then their U.K. division buys it for £5.

Hey presto!

Now their U.K. division suddenly has massive cost to offset their massive revenue!

Money out of the U.K. and no tax!

Ireland bring a tax haven and facilitator of money laundering.

Ofcourse, London returns the favour by laundering money for Russian oligarchs

 

[fallstuff]

BB opens research cell to combat money laundering​

Bangladesh Bank has formed a research cell to look into the effectiveness of the country's anti-money laundering mechanisms and ways to recover illicit funds, bdnews24.com reports.

The nine-strong cell will work under the auspices of the Bangladesh Financial Intelligence Unit (BFIU), the anti-money laundering watchdog.

Abdur Rouf Talukder, governor of the central bank, greenlighted the cell's operation on Dec 5 with special instructions.

“Research was already being conducted by a certain department. Now, a dedicated cell will do research on preventing money laundering. They will review the experience that countries around the world have had in their efforts to bring back laundered money," said Masud Biswas, head of the BFIU.
The research cell will be headed by an additional director, according to the central bank.
Although the BFIU is responsible for preventing money laundering, the organisation does not disclose the official data on the amount of money siphoned abroad every year. Instead, the media have to rely on data disseminated by foreign outlets and organisations to gauge the extent of the illegal activity.
A steep rise in import bills triggered by the prolonged war in Ukraine has strained the country's foreign exchange reserves.
Noting that most of the money was being laundered under the guise of foreign trade, BFIU chief Masud said import costs had jumped 20-200 percent when the annual report for the 2020-21 fiscal year was published in October.
Governor Talukder also flagged the discrepancies in the prices of goods found while analysing the data on letters of credit for imports and exports completed before July. While some traders provided inflated figures for imports, others did the opposite.
The rest of the money was funnelled through hundis, an illegal channel for making cross-border transactions, according to Talukder.

undefined | The Financial Express

thefinancialexpress.com.bd

Pretty simple to trace if you review and compare individual company import bills to their sales/consumption ( local and exports).
Marginal revenue is acceptable under certain circumstances, anything less need to get scrutinized.
Problem is Bangladesh Bank officials are also in bed too.

In the end absolute power corrupted everything absolutely.

 

[Species]

And the research cell will be as effective as the BB observer in Islami Bank.

 

[bluesky]

And the research cell will be as effective as the BB observer in Islami Bank.

I think the Research Cell should be headed by a bureaucrat very close to Hasina herself. Will there be stealing then?

You bet!!!

 

[Species]

I think the Research Cell should be headed by a bureaucrat very close to Hasina herself. Will there be stealing then?

You bet!!!

lol, Hasina is surely aware of all the lootings and has been receiving her own shares. You must look at the empire Joy is building in the US.

Bangladesh is just getting away because of concessionary loans as an LDC. As we graduate, loans will be more easily available but with high interest rates. The trend has already started.

With such poor governance and this unchecked wholesale looting, we are heading towards a huge crisis in near future.

 

[fallstuff]

lol, Hasina is surely aware of all the lootings and has been receiving her own shares. You must look at the empire Joy is building in the US.

Bangladesh is just getting away because of concessionary loans as an LDC. As we graduate, loans will be more easily available but with high interest rates. The trend has already started.

With such poor governance and this unchecked wholesale looting, we are heading towards a huge crisis in near future.

What do you know about the empire Joy is building in USA ? Can you share more ?

 

[bluesky]

lol, Hasina is surely aware of all the lootings and has been receiving her own shares.

Can someone tell me how S. Alom can steal $3 billion from banks without the express permission of autocrat Hasina Bibi?

I am certain it was done at the behest of Hasina herself. Please note that an investigation committee has not yet been formed by the BB to investigate the stealing.

No way, BB can form such a committee by making Hasina angry. Hasina has completely spoiled the present and future of Joy Kumar.

 

[fallstuff]

Any auditor worth his salt should be able to find out.
You audit the banks that ran out of foreign currency or in the red. Just check the LCs they opened for the importes.
It would be very simple audit to find out who used fraudulent LC to siphon foreign currency out.
I bet the Banks and Bangladesh Bank will fail to find the reords of those LCs.

I am sure they will research it to the end of time without any finding!